| Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. |
In order to complete as swiftly as possible after your offer is accepted, you will need to have chosen a solicitor to act on your behalf. |
You will probably be taking an assignment of a lease and will therefore need references for the landlord. |
| Alternatively another look at the classified section of The Journal may be helpful. Do not automatically be put off a business which appears to be under-performing. |
Finding and financing are separate operations, but the choice of business is clearly restricted by the availability of funds, so it is important to know at an early stage how much capital is available and how much loan, or other finance, can be raised. Offer and legal process Your solicitor will perform the local searches after your offer is accepted but, before you make the offer, ask the vendor if there is anything that might affect the future trading of the business, such as relocation of another pharmacy, a new or moving health centre or doctor's surgery. |
) This leaves a band of turnover between . Those in suburbia are usually less attractive to multiples because of their secondary positions and, therefore, offer good value opportunities to independents. |
| Different agents and finance houses have different ways of arriving at this figure, which is linked to the return on investment, but they invariably end up close to each other's valuations. |
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Assuming you have chosen your geographical area, you will need to consider the various types of business on offer. It may be possible to secure the business for less than the asking price, but if there is plenty of interest it may be necessary to offer 10 per cent or more above the advertised price. |
| Changing circumstances and the effect of the Office of Fair Trading report One of the biggest potential problems you could face is changing circumstances that would affect future trading. |
The relationship between dispensing and over-the-counter turnover is an important one to understand because it not only determines the profit margins that the business will make but, particularly with small businesses, has a bearing on its future security. |
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| Your agent will be able to tell you which schemes are on offer and which banks are currently keen to lend. The best definition of the true value of any business is what it will fetch on the open market, but in the context of obtaining finance it means the value according to an accepted formula within the pharmacy profession. |
Do not automatically be put off a business which appears to be under-performing. Finally, make sure you are present during the stocktake so that you can agree with the vendor how to treat any problem stock that the stocktakers identify. |
If you have no experience in producing these, consider employing an accountant who has; money well spent here will give your case a much better chance of success. |
| Changing circumstances and the effect of the Office of Fair Trading report One of the biggest potential problems you could face is changing circumstances that would affect future trading. |
In order to complete as swiftly as possible after your offer is accepted, you will need to have chosen a solicitor to act on your behalf. Reach an agreement over the treatment of such items and ensure that the stocktaker in charge is notified on the day. |
Turnover Having arrived at your budget figure the next decision is what to buy. ESPs have not been popular with purchasers, but they should definitely be considered by first-time buyers on the grounds that they tend to be cheap to buy, offer a secure, if not enormous, NHS income, are capable of providing a good overall income and are frequently situated in pleasant surroundings.
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| Well before the stocktake date, take a detailed look at all of the stock in the shop and bring to the attention of the vendor areas where you are concerned, for example, overstocking of products you would not expect to sell quickly. |
(Such pharmacies are potentially unsaleable unless they can obtain consent for a relocation or a competitor is prepared to buy the business and close it down. One hundred businesses is a small sample but, taken as a percentage of all trading pharmacies, it is nevertheless a significant percentage of those that changed hands during the period.
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If the premises are leasehold, ensure that the lease offers enough security of tenure to satisfy your financier. Although the first three months of 2003 have probably been the most uncertain I have known in my 35 years at Orridge, it is interesting to look at the statistics for that period and compare them with 2002 and prior years, remembering that in 2002 we were all aware of the impending OFT report. |
| 700,000 and, the larger the turnover, the greater the competition and the more likely for a premium price to be achieved. |
As the Office of Fair Trading has made us all too aware, nothing is guaranteed for ever. From a total of 100 sales effected by Orridge Business Sales Ltd in 2002 and, so far in 2003, prices seem to be holding up remarkably well. |
If you have no experience in producing these, consider employing an accountant who has; money well spent here will give your case a much better chance of success. |
| It is important that they have a local knowledge of your particular area and that you can strike up a good working relationship with them. Different agents and finance houses have different ways of arriving at this figure, which is linked to the return on investment, but they invariably end up close to each other's valuations. |
Different agents and finance houses have different ways of arriving at this figure, which is linked to the return on investment, but they invariably end up close to each other's valuations.) This leaves a band of turnover between . |
Well before the stocktake date, take a detailed look at all of the stock in the shop and bring to the attention of the vendor areas where you are concerned, for example, overstocking of products you would not expect to sell quickly. Finally, make sure you are present during the stocktake so that you can agree with the vendor how to treat any problem stock that the stocktakers identify. |